Pemberton set to do a horizontal re-entry development well
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CALGARY, Aug. 27 /PRNewswire-FirstCall/ - (TSXV: PBT, FSE: P5W) Pemberton
Energy Ltd. wishes to announce the following update. Management would like to
advise that further to the June 17, 2009 announcement of Montney oil pool
discovery with prospective resources of 4.4 million barrels of oil, Pemberton
will first proceed with a horizontal 750m leg re-entry program of the
10-15-82-3 W6M well ("10-15").
During management review of the re-entry data, Pemberton's team has concluded
that there are 2 additional oil bearing zones directly above this Montney oil
pool. During the drilling of 10-15 well, Pemberton's onsite geologist recorded
good oil staining in samples and mud logs had excellent gas shows at these
additional intervals and log analysis indicated hydrocarbons in both of these
zones of interest. Further testing and mapping of these zones will be done
during the Montney re-entry program.
President Richard Saxon states: "Horizontal re-entry drilling is the best fit
for Pemberton at this time, as management feels it will be a suitable and most
economical method to put Pemberton in a cash flow position thus increasing
shareholder value. The cost of drilling is dramatically reduced due to the
infrastructure that is already in place and management feels that this
re-entry will be a precursor to the recently announced two-well horizontal
drill target program".
Pemberton Energy Ltd's principal business is the acquisition, exploration and
development of petroleum properties. The company continues to focus on its
primary corporate objective: the creation of value for shareholders by
identifying oil and gas accumulations with relatively low geological risk but
with substantial reserve potential.
On Behalf of Pemberton Energy Ltd.
"Miroslava Antonuk"
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Miroslava Antonuk Director
SOURCE Pemberton Energy Ltd.
please contact the Company at (604) 269-9801 or info@pembertonenergy.ca
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